Comments on: What are payday loans and are they a good idea? http://www.moneyhighstreet.com/feature/what-are-payday-loans/ The latest personal finance news and information Wed, 08 Feb 2012 09:57:46 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Chris http://www.moneyhighstreet.com/feature/what-are-payday-loans/#comment-7404 Chris Mon, 30 Aug 2010 22:21:54 +0000 #comment-7404 Payday Loans are a great idea providing you can actually pay them back! There are now so many lenders out there offering a similar range of services and it's become really difficult to separate the wheat from the chaff - I think some lenders are obviously more reputable than others e.g. Wonga.com and Quick Quid. I have no problem taking out a payday loan to tide me over - again, it's just about ensuring that you know you will have the money coming in next month to be able to pay off the interest! Either way, the whole payday loans extravaganza has been picked up by the press and unfortunately a service that fills a gap in the market is being turned into some sort of "evil service" that targets the poor and innocent in society. There are as many positives as there are negatives in my opinion, it's all about circumstances! Payday Loans are a great idea providing you can actually pay them back! There are now so many lenders out there offering a similar range of services and it’s become really difficult to separate the wheat from the chaff – I think some lenders are obviously more reputable than others e.g. Wonga.com and Quick Quid. I have no problem taking out a payday loan to tide me over – again, it’s just about ensuring that you know you will have the money coming in next month to be able to pay off the interest!

Either way, the whole payday loans extravaganza has been picked up by the press and unfortunately a service that fills a gap in the market is being turned into some sort of “evil service” that targets the poor and innocent in society. There are as many positives as there are negatives in my opinion, it’s all about circumstances!

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